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Plots & Ploys: Phoenix Rising

June 12, 2012 9:43 p.m. ET

A San Francisco-based company that buys foreclosed homes and rents them out is finding that the stampede of private cash into the nascent single-family rental sector is changing its business plan: It already is cashing out.

Landsmith LP, which has amassed a portfolio of more than 250 occupied rentals in Phoenix, said it sold a package of 75 homes to an undisclosed institutional investor.